Housing Crisis in Las Vegas: Prices Soar, Affordability Plummets

0:00Here's more Durham news for March 9th. Housing costs are blocking home ownership for many in places like Las Vegas, once seen as affordable. Folks like food runner Torres Suazo are sticking with roommates because mortgages would cost way more than rent right now. Prices have jumped over 50% since pre-pandemic days, with median homes hitting nearly $400,000. The surge hit Sunbelt City's hard-after-remote workers from pricey coasts moved in during the pandemic. Low interest rates locked in cheap payments for existing owners, while new buyers face rates around 6%. That makes a typical mortgage of about $2,300 a month, double what it was five years ago. Locals feel priced out, even as the area boons with tourists and new jobs. Population in Clark County grew 17% in a decade, far outpacing the national 6%. Homeowners like Michelle Leigh Neymire are trapped too, unable to upgrade without facing much higher prices or rising fees. Both parties are jumping in, President Trump wants to limit big investors buying single-family homes and push longer mortgage terms.

1:05Nevada's governor approved $64 million for new projects, while Democrats push for more construction on federal land, which covers most, of the state. As midterms near in this swing state, affordability tops voter worries, polls show. Democrats say Republicans aren't fixing costs fast enough, despite their control in Washington. Even with global tensions, experts predict it'll sway tight house races come November. A message from our sponsor supports today's story. It is a pillow that plays your podcast and music without earbuds, built for listening and bed. S-O-L-I, solely pillow.com.